TAQA agrees terms for DSM

TAQA Energy BV, a subsidiary of the Abu Dhabi National Energy Co. (TAQA), is set to boost its production interests in the Dutch North Sea.

Offshore staff

THE HAGUE – TAQA Energy BV, a subsidiary of the Abu Dhabi National Energy Co. (TAQA), is set to boost its production interests in the Dutch North Sea.

Subject to regulatory approvals, the company will acquire DSM Energy, a subsidiary of life sciences and material sciences company Royal DSM, for $404 million.

DSM Energy has non-operated interests in 20 producing oil and gas fields on the Dutch shelf. It is also a 40% stakeholder in the Noordgsatransport trunkline, which transports gas produced from various offshore gas fields to a processing plant in Uithuizen, with further interests in three other pipelines.

These assets will provide TAQA with further production of around 5,000 boe/d, of which 85% is natural gas. The company acquired BP’s Netherlands gas exploration and production portfolio in 2007, and currently produces around 6,700 boe/d from this sector.

07/30/2009

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